Cryptocurrency exchange Coinbase allows users of its wallet app to back up their private keys on the cloud in order to help them safeguard their digital assets should they lose their devices or misplace the private keys.

Using personal cloud storage accounts enables users to recover their funds should they be unfortunate enough to lose their devices or misplace their private keys.

Peace of Mind While Exploring the Financial World

Coinbase, one of the most innovative exchanges in the crypto landscape, says that since the launch of its storage app formerly known as Toshi, the exchange has allowed its customers to experience “the full power of an open financial system.”

The exchange’s clients have complete control of their funds as they can access them from anywhere in the world.

However, the exchange warns that such freedom to have complete access to the open financial system comes with great responsibility.

The wallet generates private keys and stores on the users’ mobile devices. This is the only way by which the users can access their funds on the immutable blockchain.

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Williams is a fintech journalist with a passion for blockchain technology and its revolutionary applications in finance. He also has a special interest in global politics and economics.

After studying Chemical Engineering, he became a freelance journalist and research analyst and has never looked back. He has written content for several blockchain firms and his work has been published on many crypto news publications.